paying the preference dividend) of £212,566, leaving about £77,000 to be added to reserve or used for extinction of debenture stock, rebate and expenses. It not only gives a detailed list of investments, but the following very interesting classification, showing among other things that it has, like the Edinburgh Investment Trust, been a practical believer in the benefit of a diversified holding of ordinary and deferred stocks and shares:—
Summary of Investments of the Industrial and General Trust
I.—Showing Manner of Distribution Amongst Different Classes of Undertakings
| Industrial | 47.67 per cent. |
| American and Foreign Railways | 19.01 per cent.„ |
| Banks and Financial | 11.74 per cent.„ |
| Government Securities and Municipal Loans | 10.15 per cent.„ |
| Home and Colonial Railways | 5.67 per cent.„ |
| Tramways and Omnibus | 3.46 per cent.„ |
| Land and Property | 1.42 per cent.„ |
| Shipping | .88 per cent.„ |
| 100.00 |
II.—Showing Classification According to Localities
| Great Britain | 38.13 per cent. |
| South America, excluding the Argentine Republic | 14.35 per cent.„ |
| Argentine Republic | 13.07 per cent.„ |
| British Dominions and Dependencies | 12.73 per cent.„ |
| United States of America | 9.05 per cent.„ |
| Europe, excluding Great Britain | 4.87 per cent.„ |
| Asia and Africa, excluding British Dominions and Dependencies | 4.36 per cent.„ |
| Mexico and Central America | 3.44 per cent.„ |
| 100.00 |
